True, but what I noticed is that in many of these countries you can't just start layoffs whenever. Frequently you need to have consultations with unions or sta

True, but what I noticed is that in many of these countries you can't just start layoffs whenever. Frequently you need to have consultations with unions or staff representatives, present an actual business plan for the layoffs and why people can't be reconverted. That hits the breaks on any impulsive layoffs and it adds another buffer of a bunch of months.